https://www.taxtmi.com/caselaws?id=298691 The tribunal found merit in the financial creditor's claim of default against the Corporate Debtor for not delivering possession of units within the agreed timeframe, leading to the initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code. An Interim Resolution Professional was appointed, a moratorium declared, and the Financial Creditor directed to deposit funds for resolution expenses. Compliance with the Code's provisions was emphasized, with warnings of legal action for non-cooperation, highlighting the importance of asset preservation and stakeholder cooperation in the resolution process. en-us Tue, 12 Feb 2019 00:00:00 +0530 Tue, 16 Nov 2021 09:28:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298691 The tribunal found merit in the financial creditor's claim of default against the Corporate Debtor for not delivering possession of units within the agreed timeframe, leading to the initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code. An Interim Resolution Professional was appointed, a moratorium declared, and the Financial Creditor directed to deposit funds for resolution expenses. Compliance with the Code's provisions was emphasized, with warnings of legal action for non-cooperation, highlighting the importance of asset preservation and stakeholder cooperation in the resolution process. Case-Laws Insolvency and Bankruptcy Tue, 12 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298691